研报掘金丨东吴证券：首予德力佳“买入”评级，盈利能力领跑行业

Core Viewpoint - Delijia is a leading global manufacturer of wind turbine gearboxes, demonstrating strong profitability and significant industry backing [1] Company Overview - Delijia holds a global market share of 10.4% and a domestic market share of 16.2%, positioning itself firmly within the top tier of the industry [1] - The company benefits from a unique shareholder structure, with major stakeholders including Sany Heavy Energy, Envision Energy, and Goldwind Technology, which collectively hold a high percentage of shares [1] Financial Performance - The company showcases exceptional cost management, with its period expense ratio significantly lower than the industry average [1] - In the first half of 2025, Delijia achieved a net profit margin of 15.8%, substantially higher than its competitors Hangzhou Gear and Nanjing High Accurate Drive Equipment, which reported approximately 4% and 2% respectively [1] Future Prospects - Delijia plans to raise approximately 1.88 billion yuan through its IPO in November 2025, focusing on expanding high-end megawatt and offshore wind capacity [1] - This IPO marks the beginning of a new phase of capitalization for the company [1]